Kings Arms Yard Kings Arms Yard Vct Plc : 1st Quarter Results

 
TIDMKAY 
 
 
   Kings Arms Yard VCT PLC Interim Management Statement 
 
   Introduction 
 
   I am pleased to present Kings Arms Yard VCT PLC's interim management 
statement for the period from 1 January 2017 to 17 May 2017. 
 
   Performance and dividends 
 
   The Company's unaudited net asset value (NAV) as at 31 March 2017 was 
GBP60.91 million or 22.25 pence per share (excluding treasury shares), 
an increase of 0.84 pence per share (4 per cent.) since 31 December 
2016. 
 
   After accounting for the dividend paid of 0.50 pence per share on 28 
April 2017 to shareholders on the register on 7 April 2017, the NAV is 
21.75 pence per share. 
 
   Share issues 
 
   During the period from 1 January 2017 to 17 May 2017, the Company issued 
new Ordinary shares under the Albion VCTs Prospectus Top Up Offers 
2016/2017: 
 
 
 
 
                                          Issue price per 
                      Number of shares   share (including      Net proceeds 
Date                       issued         costs of issue)        GBP'000 
31 January 2017 to 
 7 April 2017                27,993,183     20.9p to 22.1p               5,824 
 
 
   The proceeds of the Offer are being used to provide further resources to 
the Company at a time when a number of attractive new investment 
opportunities are being seen. 
 
   The Board announced on 22 February 2017 that the Company had reached its 
GBP6 million limit under its offer pursuant to the Prospectus dated 29 
November 2016, and so was closed. 
 
   In addition, the following shares were issued under the dividend 
reinvestment scheme on 28 April 2017: 
 
 
 
 
                 Number of shares      Issue price per 
Date                  issued                share         Net invested GBP'000 
28 April 2017               704,941               20.91p                   146 
 
 
   Share buy-backs 
 
   During the period from 1 January 2017 to 17 May2017, the Company 
purchased 1,975,000 shares for GBP390,000 at an average price of 19.76 
pence per share. All of the shares are to be held in treasury. 
 
   It remains the Board's policy to buy back shares in the market, subject 
to the overall constraint that such purchases are in the Company's 
interest, including the maintenance of sufficient resources for 
investment in existing and new portfolio companies and the continued 
payment of dividends to shareholders. 
 
   It is the Board's intention for such buy-backs to be at around a 5 per 
cent. discount to net asset value, so far as market conditions and 
liquidity permit. 
 
   Portfolio 
 
   The following investments have been made during the period from 1 
January 2017 to 17 May 2017: 
 
 
 
 
New 
investments   GBP000s  Activity 
MPP Global 
Solutions              Offers a cloud billing platform for enterprise subscription 
Limited         550     businesses in the media, sport and retail sectors. 
Quantexa               Predictive analytics platform to protect and detect 
Limited         190     complex financial crime. 
Beddlestead 
Farm                   Develop and operate dedicated wedding venues in the 
Limited          6      UK 
Total new 
 investments      746 
 
 
 
 
 
 
 
Further investments         GBP000s  Activity 
                                     Data analysis that supports corporate 
Black Swan Data Limited       123    decision making 
Grapeshot Limited             84     Provider of digital marketing software 
Panaseer Limited              63     Data analytics software platform 
Mirada Medical Limited        24     Developer of medical imaging software 
Total further investments       294 
 
 
   Disposals 
 
   The following disposals were made during the period from 1 January 2017 
to 17 May 2017: 
 
 
 
 
Portfolio company             GBP000s 
Oxford Immunotec Global PLC     373    Partial disposal of investment 
ErgoMed PLC                     210    Partial disposal of investment 
Total proceeds                    583 
 
 
   Top ten holdings as at 31 March 2017: 
 
 
 
 
                               % of 
                                net 
               Carrying value  asset 
 Investment        GBP000s     value                        Activity 
Active Lives                           Owner and operator of a care home for the elderly 
Care Limited       6,185       10.1                         in Oxford 
Ryefield 
Court Care                             Owner and operator of a care home for the elderly 
Limited            4,496        7.4                       in Hillingdon 
Elateral 
 Group 
 Limited                4,425    7.3                Provider of digital marketing software 
Chonais River 
 Hydro 
 Limited                2,989    4.8                        Hydropower project in Scotland 
Proveca 
 Limited                2,955    4.9                 Reformulation of paediatric medicines 
Antenova           2,724        4.5   Supplier of integrated antennas and RF solutions 
 Limited 
ErgoMed PLC        2,035        3.3   Clinical stage contract research organisation 
Oxford             1,944        3.2   A global, commercial-stage diagnostic company in the 
 Immunotec                             field of immunology 
 Global PLC 
Egress             1,930        3.2   Encrypted email & file transfer service provider 
 Software 
 Technologies 
 Limited 
Hilson Moran       1,617        2.7   Multi-disciplinary engineering consultancy 
 Holdings 
 Limited 
 
 
   A full breakdown of the Company's portfolio can be found on the 
Company's webpage on the Manager's website at 
www.albion-ventures.co.uk/funds/KAY, by following the 'Portfolio of 
Investments' link under the 'Funds reports' section. 
 
   Material events and transactions 
 
   There have been no further significant events or transactions that the 
Board is aware of which would have a material impact on the financial 
position of the Company between 1 January 2017 and 17 May 2017. 
 
   Further information 
 
   The Company continues to offer a dividend reinvestment scheme to 
existing shareholders.  Details of this Scheme can be found on the 
Company's webpage on the Manager's website at 
www.albion-ventures.co.uk/funds/KAY. 
 
   Further information regarding historic and current financial performance 
and other useful shareholder information can be found on the Company's 
webpage on the Manager's website under 
www.albion-ventures.co.uk/funds/KAY. 
 
 
 
   Robin Field, Chairman 
 
   17 May 2017 
 
   For further information please contact: 
 
   Patrick Reeve, Albion Ventures LLP - Tel: [phone] 
 
 
 
   LEI Code 213800DK8H27QY3J5R45 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Kings Arms Yard VCT PLC via Globenewswire 
 
 
  http://www.sparkventures.com 
 

(END) Dow Jones Newswires

May 17, 2017 05:25 ET (09:25 GMT)

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